As technology evolves and transforms the way you do business, we’re adding new features to help you stay competitive.
Remote Direct Deposit (RDC) is a rapidly expanding technology due to the convienice it offers customers. It allows depositing checks from any location with a scanner, computer and internet connection and allows the bank to process checks faster. RDC is also a great alternative to credit cards, which are prone to fraud and security breaches. Coupled with other risk management tools, MMS is advancing its payment platform to readily and easily be integrated to any merchant’s site wishing to take advantage of eCheck processing.
Rapid Growth is Great for Small Businesses
RDC is a powerful technology — it can extract, validate, and manage payment information such as payment stubs, invoices, and more. Yet only a small number of banks offer these capabilities. The banks that do so are primarily large banks. As we can see in the graph, mobile banking is exploding and RDC is part of that explosive growth opportunity. MMS offers RDC as a standard service bundled with its eCheck services.
We see a tremendous opportunity for small businesses to embrace this technology. According to a recent 2017 study by RDC Trends, Issues & Insights, reports that in 2016, RDC adoption among small businesses was 36.4 percent. The same study surveyed financial institutions and found that 100 percent of respondents offer some form of mobile remote deposit capture to retail consumers. Only 29 percent of them offer RDC to corporations. Approximately 65 percent of banks are offering RDC to small business. When asked about their plans to expand RDC offerings, 43 percent of banks said they were focusing their expansion plans on small businesses. If you run a small business, RDC is an essential technology for you to remain competitive.
Benefits of Electronic Check Processing
Our eCheck processing service provides a variety of online security features not available with paper checks. For example, our eCheck security features include two-factor authentication by SMS, public key inscription to verify funds are not tampered in the process, and duplicate check detection to prevent fraud. You can even manage our platform to manage maximum eCheck amount and number of eChecks per account on a daily or monthly basis. Here are some of the great features about eChecks:
- Lower Processing Costs: The processing cost for eChecks is typically lower than both physical checks and credit cards.
- ACH Network: Electronic check processing relies on the ACH Network, the same reliable system that manages direct deposits.
- Reduce Chargebacks: eCheck chargeback ratios are generally lower than that of credit cards.
- Fewer Errors: A more automated process minimizes the chances for error.
- Recurring Billing: Have your customers pay you automatically on the schedule you specify.
- Go Green: Electronic checks reduce the use of paper checks and promote a paperless transaction process.